Located on Southeast 6th Street, the property is 99% leased at rates below $1 per sf. Pacific Property says it plans to invest an additional $4 million in the property and then push rents to market, which is well over $1 per sf, according to local sources.
España Apartments is located on SE 6th Street, about two miles southeast of Downtown. Exterior upgrades will include new landscape, paint, and contemporary design elements. Unit upgrades will include new appliances, fixtures and finishes. Pinnacle will manage the property.
España is the fifth Seattle-area apartment complex acquired by Pacific Property this year. Its first acquisition of 2005, in February, was Aspenwood, a 95-unit complex located adjacent to España. The company paid $9.5 million, or $95,000 per unit, for the complex, which also was built in phases during the late '70s and early '80s.
Kenneth Dudunakis of Hendricks & Partners of Seattle sold both properties. Dudunakis tells GlobeSt.com that he has brought multiple offers to buy the property to the Pryde family over the past 10 years, but they never wanted to sell.
"Then the phone call came; they wanted to complete a quick, efficient sale without a full marketing campaign," Dudunakis says. "There were several interested bidders. Ultimately, Pacific Property was awarded the deal based on its ability to execute what may have been the shortest escrow period I have seen on a transaction of this size."
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